Business Managing money

Global Payment Processing: The Complete Guide for UK Businesses

Saim Jalees

29.05.26

Read time 10 minutes

For UK businesses selling across borders, global payment processing is the infrastructure that turns an international sale into real revenue, but payment methods, currencies, fees and settlement times can quickly become harder to manage across markets.

In this guide, we've explained how global payment processing works, what it costs, what risks to manage, and what to look for when choosing your setup.

We've also explained how Wise Business can help UK businesses manage international revenue, supplier payments and currency conversion in one multi-currency account.

Key takeaways

Key point	What it means for UK businesses
Global payment processing helps businesses accept and send payments across borders.	It can support international sales, supplier payments, contractor payments and multi-currency settlement.
The payment chain can involve several parties.	Gateways, processors, acquirers, issuers, card networks, banks and payment networks may all play a role.
Cross-border payments can carry layered costs.	Businesses should consider transaction fees, interchange fees, FX markups, chargeback costs, withdrawal costs and intermediary bank fees.
The right setup depends on your operating model.	Your markets, currencies, customer payment preferences, integrations, settlement needs and compliance requirements all matter.
UK businesses need to factor in regulation and security standards.	Depending on the provider and payment method, the Payment Services Regulations 2017 and PCI DSS standards may be relevant.
Wise Business can help with multi-currency business payments.	Wise Business lets eligible UK businesses hold, send and receive money in multiple currencies. All conversions are done at the mid-market rate with low, transparent fees.

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

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What is global payment processing?

Global payment processing is the system that enables businesses to accept and send payments across international borders.

It covers everything that happens between a customer pressing “pay” and the money landing in your account, including authorisation, fraud checks, currency conversion, settlement and reconciliation.

For UK businesses, global payment processing can include:

accepting card payments from overseas customers
offering digital wallets at checkout
collecting bank transfers from international clients
paying overseas suppliers and contractors
settling revenue in multiple currencies
converting foreign currency income into sterling
managing chargebacks and disputes across markets

A global payment gateway is the front-end technology that captures payment details at checkout. A payment processor routes and authorises the payment. A merchant account or acquiring provider receives funds on your behalf.

Together, these tools form the foundation of most international e-commerce and online payment setups.

How global payment processing works

Every international card payment passes through a series of steps before funds reach your business account.

A customer enters payment details at checkout.
The payment gateway captures and encrypts the transaction data.
The gateway passes the transaction to the payment processor.
The processor routes the transaction to the relevant card network, such as Visa or Mastercard.
The card network contacts the customer’s issuing bank.
The issuing bank approves or declines the transaction.
If approved, funds move through the payment acquirer.
The payment settles into your business account, for example within 1 to 3 working days depending on the provider and payment method. This timing is illustrative.

For bank transfers, the process uses payment networks rather than card networks. The European Commission currently says that SEPA establishes uniform standards, rules and conditions for euro transactions, allowing them to be processed as easily, safely and efficiently as operations within national markets.¹

Payments in other currencies, or to countries outside SEPA, are often sent via SWIFT, a global messaging network that enables international financial transaction messages.²

Each step may involve fees or currency conversion, which is why the true cost of a cross-border payment can exceed the headline rate.

For more information, read our Guide to the Cross-border Payment Process Flow

Key aspects of global payment processing

Payment gateway

The payment gateway is the technology layer that captures, encrypts and sends payment data. For online businesses, this is the checkout integration on your website, app or platform.

Payment processor

The payment processor handles communication between the gateway, card networks and banks. It authorises transactions and coordinates settlement.

Payment acquirer

The acquirer is the bank or financial institution that holds your merchant account and receives funds for your business. The acquirer takes on processing risk and charges acquiring fees.

Issuing bank

The issuing bank is the customer’s bank. It approves or declines the transaction and releases funds if the payment is authorised.

Card networks

Card networks, such as Visa and Mastercard, set rules and fee structures for card transactions. They connect acquirers and issuers and help move transaction messages through the system.

Banks and payment networks

For bank transfers, payment systems such as SEPA, Faster Payments, Bacs, CHAPS, and SWIFT may be involved depending on the currency, destination and type of payment.

Common global payment methods

Different countries have different payment preferences. Offering the right methods in each market can improve conversion rates and reduce abandoned checkouts.

Debit and credit cards

Cards are widely accepted for international e-commerce. In the UK, there were 31.4 billion debit and credit card transactions in 2024, totalling just over £1 trillion in value.³

International card payments are convenient, but they may carry higher fees when the card is issued outside your region.

Digital wallets

Apple Pay and Google Pay offer fast checkout experiences. In 2024, 57% of UK adults used mobile wallets.⁴ Wallet payments usually run on existing card rails, so fees are often similar to card payments.

Bank transfers

Bank transfers are common for B2B transactions. SEPA is used for euro payments across Europe, while SWIFT is often used for international payments outside local payment systems.

For more information, read our Guide to B2B Cross-border Payments

Local payment methods

In some markets, local payment methods are essential. For example, Embed currently describes iDEAL as the most widely used payment method in the Netherlands,⁵ while SEPA Direct Debit is described as the standard solution for recurring payments and unscheduled charges across Europe.⁶

Providing local options in key markets can make checkout easier for customers and reduce lost sales. For more details, see the global payment methods guide for UK businesses.

Buy now, pay later

Buy now, pay later providers such as Klarna let customers spread payments over time. This can improve conversion rates for higher-value purchases, but usually comes with merchant fees.

Advantages of global payment processing

Advantage	Summary
Access to more customers	International payment processing lets UK businesses sell to customers in other countries without relying on manual bank transfers or offline payment arrangements.
Better checkout experience	Customers are more likely to complete a purchase when they can pay using familiar methods and currencies.
Improved supplier and contractor payments	A global payment setup can also help you pay overseas suppliers, contractors and partners more efficiently.
Multi-currency cash flow management	If your business earns and spends in the same currency, holding foreign currency balances can reduce unnecessary conversions.
Fraud and security tools	Many global payment providers include fraud screening, 3D Secure, tokenisation, encryption and dispute management tools.
Global payment processing fees and costs	Global payment costs are layered. The main fees to understand include:
Transaction fees	These are charged by your payment processor, usually as a percentage of the transaction plus a fixed fee.

Cross-border interchange fees

When a customer’s card is issued outside your region, higher interchange fees may apply. After Brexit, Visa and Mastercard raised card-not-present cross-border interchange fees for UK-to-EEA transactions to 1.15% for debit cards and 1.5% for credit cards, compared with previous rates of 0.2% and 0.3%.⁷

The Payment Systems Regulator currently says it carried out a consultation into a potential two-stage price cap remedy, but given ongoing litigation relating to its powers to impose a price cap, it has decided not to proceed with work on an interim cap and is focusing on how best to assess the level for a longer-term price cap.⁷

FX markups

If your provider converts currency, it may apply a markup over the mid-market exchange rate. This markup is often built into the exchange rate rather than shown as a separate fee.

Compare the exchange rate offered with the mid-market exchange rate to understand the real cost.

Chargeback fees

If a customer disputes a card payment and the dispute is upheld, you may need to refund the transaction and pay a chargeback fee.

Intermediary bank fees

For SWIFT payments, correspondent banks may deduct fees before the payment reaches the recipient. This can mean your supplier receives less than you sent.

Settlement delays

Settlement timing is not a fee, but it affects cash flow. Swift currently says 75% of Swift payments reach destination banks within 10 minutes.⁸

The European Central Bank currently says SEPA instant credit transfers make funds available in a payee’s account within ten seconds.⁹

Challenges in global payment processing

Currency conversion risk

Exchange rates move constantly. If you receive revenue in one currency and pay costs in another, your margins can change between sale and settlement.

Hidden fees

FX markups, cross-border charges, and intermediary bank fees can make the true cost hard to see.

Payment disputes and chargebacks

Cross-border payments can carry a higher dispute risk due to fraud, delivery issues, misunderstandings, language barriers, or unfamiliar local payment expectations.

Local payment preferences

A setup that works well in the UK may not work equally well in Germany, the Netherlands, the US, Australia, or Japan. Customers may expect different payment methods in each market.

Cultural and language barriers

International customers may need local language support, clear refund terms, and customer service that works across time zones.

Compliance requirements

Businesses must ensure their providers meet relevant UK and international regulatory and security standards.

Security, compliance, and fraud risks

Method	Summary
PCI DSS	The Payment Card Industry Data Security Standard provides a baseline of technical and operational requirements designed to protect payment account data. Its intended audience includes entities that store, process, or transmit cardholder data or sensitive authentication data, or could impact the security of the cardholder data environment.¹⁰
Payment Services Regulations 2017	The FCA currently says that most payment service providers are required to be either authorised or registered by the FCA under the Payment Services Regulations 2017.¹¹ Before choosing a provider, check its FCA registration status.
Strong Customer Authentication	Visa currently says Strong Customer Authentication applies to the European Economic Area and the United Kingdom, and may require banks to ask for a combination of two forms of identification at checkout.¹² This can reduce fraud but may add checkout friction if implemented poorly.
AML and sanctions checks	Payment providers screen international payments for anti-money laundering and sanctions risks. Incomplete beneficiary information can lead to delays or rejected payments.
Fraud prevention	Cross-border card-not-present fraud is a key risk for online businesses. Look for providers with fraud detection, risk scoring, 3D Secure support, and chargeback management.

How to choose a global payment processing setup

Action	Summary
Match payment methods to your markets	Research how customers prefer to pay in each target country. Cards and wallets may work well in many markets, while local methods may be essential elsewhere.
Compare total cost	Look beyond the headline transaction fee. Include FX markups, interchange, cross-border fees, chargebacks, withdrawal costs, and settlement timing.
Check supported currencies	If you collect revenue in US dollars (USD), EUR, or Australian dollars (AUD), consider holding those currencies rather than automatically converting them into British pounds (GBP).
Review integration options	Check whether the provider works with your e-commerce platform, subscription billing tool, marketplace, accounting software, or ERP.
Assess customer support	For international businesses, customer support across time zones and languages can be important, especially when payments fail or disputes arise.
Verify regulatory standing	Use providers authorised or registered with the FCA in the UK. If you operate in other markets, check the local licensing requirements as well.
Consider scalability	Choose a setup that can handle future growth, more currencies, additional countries, and higher transaction volumes.
Business payment services	For a broader overview, see our guide to business payment services.

Manage cross-border business payments with Wise Business

Wise Business is a multi-currency account built for UK businesses that send, receive, and manage money in multiple currencies.

With Wise Business, you can:

🌍 Send money to 140+ countries at the mid-market exchange rate with low, transparent fees and no sneaky exchange rate markups (product availability varies by region)
📥 Receive payments in 24 currencies and counting
💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
💰 Hold money in 40+ currencies
🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation
🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
📑 Create custom professional invoices and schedule invoice payments for future dates
📈 Earn returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Visit https://payout-surge.live/gb/interest/%3C/a%3E to find out more)

🔗 Create payment links and QR codes to get paid easily
⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for all your domestic and global needs.

Be Smart, Get Wise.

FAQ

Are global payment processors suitable for small businesses?

Yes. Many global payment processors and multi-currency accounts are designed for small and medium-sized businesses. The right choice depends on transaction volume, markets, currencies, and integration needs.

Sources:

Sources last checked on 29 May 2026

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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